FILE PHOTO: A"Now Hiring" sign sits in the window of Tatte Bakery and Cafe in Cambridge, Massachusetts, U.S., February 11, 2019. REUTERS/Brian Snyder
Private payrolls increased by 428,000 jobs last month. Data for July was revised higher to show hiring up by 212,000 jobs instead of the initially reported 167,000. The revision still left the July tally out of alignment with the 1.462 million rise in private employment reported by the government last month.The ADP report, jointly developed with Moody’s Analytics, has fallen short of the government payrolls count since May because of methodology differences.
Moody’s Analytics chief economist Mark Zandi told reporters he expected the gap between the ADP and BLS private payrolls to narrow in August. The government is scheduled to publish August’s employment report on Friday. Stocks on Wall Street were trading higher. The dollar rose against a basket of currencies. U.S. Treasury prices rose.The moderation in job growth suggested by the ADP report is in line with other labor market indicators. Weekly new applications for unemployment benefits are hovering around 1 million.
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